H 1 Peter and Samantha lones began operations of their antique restoration business, Antique Restore Company, on 1 January 2020. The 2 annual reporting period ends 31 December. Below is their unadjusted trial balance as of 31 December 2020, 3 4 Antique Restore Company 5 Trial Balance 6 31 Dec 20 7 Unadjusted Adjustments Adjusted 8 Account Titles Debit Credit Debit Credit Debit Credit 9 Cash 42,000 10 Accounts receivable 6,000 11 Supplies 8,000 12 Equipment 18,000 13 Accumulated depreciation 14 Other assets 2,000 15 Accounts payable 24,000 16 Wages payable 17 Interest payable 13 Income taxes payable 19 long term notes payable 10.000 D F G E 19 Long-term notes payable 10,000 20 Common stock (60,000 shrs outstanding) 20,000 21 Retained earnings 22 Service revenue 55,000 23 Wages expense 23,000 24 Supplies expense 10,000 25 Depreciation expense 26 Interest expense 27 Income tax expense 28 Totals 109,000 109,000 29 30 The following information is available for the required adjusting entries: 31 1. A physical count of supplies revealed that $6,500 of supplies were remaining as of 31 December 32 2. Depreciation for the year was $2,400. 33 3. Interest has not yet been recorded on the notes payable which was taken out on 1 July with a 4% annual interest rate. 34 The note has a two-year term and principal and interest are due on the maturity date. 35 4. $5,000 wages earned since 24 December. Payroll has not yet been paid or recorded. 36 5. Income tax expense of $1,600 is due in 2020. D G H B 28 Totals 109.000 109.000 29 30 The following information is available for the required adjusting entries 31 1. A physical count of supplies revealed that $6,500 of supplies were remaining as of 31 December 32 2. Depreciation for the year was $2.400. 33 3. Interest has not yet been recorded on the notes payable which was taken out on 1 July with a 4% annual interest rate, 34 The note has a two-year term and principal and interest are due on the maturity date. 35 4. $5,000 wages earned since 24 December. Payroll has not yet been paid or recorded. 36 S. Income tax expense of $1,600 is doe in 2020, 37 38 Required: (all well-formatted and linked or formulas) 391. Record the adjusting entries in the adjustments columns above and prepare the adjusted trial balance. IN CLASS or via TUTORIAL 40 2. Prepare a classified income statement including EP) for the year ended 31 December 41 3. Prepare a statement of stockholders' equity for the year ended 31 December, linking to 1/5 as appropriate 42. 4. Prepare a classified balance sheet as of 31 December, linking to stnt of Equity as appropriate